State Bank of India’s Bank Standalone Rating and Core Financial Strength Assessment Raised

21 November 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised the Core Financial Strength (CFS) rating and Bank Standalone Rating (BSR) of State Bank of India (SBI or the Bank) to ‘bbb-’ from ‘bb+’. At the same time, CI Ratings has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of SBI at ‘BBB-’ and ‘A3’, respectively, and the Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR remains Positive, and the Outlook for the BSR is Stable.

The Bank’s CFS rating was increased to reflect the improving trend in asset quality and profitability over the past few years, which we believe will continue. The Bank’s low and declining NPL ratio, high loan-loss reserve (LLR) coverage, and rising extended NPL coverage, combined with very comfortable liquidity, moderately good (and improving) profitability, and a dominant market position (holding a quarter of…